couplandThe SEC *will* lose its case to regulate NFTs as securities because NFTs categorically fail the Howey test:
"The test is whether the scheme involves an investment of money in a common enterprise with profits to come solely from the efforts of others."
NFTs are not an enterprise, nor does anyone expend "effort" to help you realize profits. You buy them because you think they will passively increase in value over time. Like a stamp collection.